Mansfield BS updates lending policy

Number of storeys for flats increases to 10

Mansfield BS updates lending policy

Mansfield Building Society has expanded the range of property types in its owner-occupied residential and buy-to-let products to include flats up to 10 storeys.

Previously, the maximum was four storeys, and the new policy now includes flats over commercial units and city centre flats, which will be underwritten on the same terms.

Residential flats are available up to a maximum of 90% loan-to-value (LTV), while BTL flats are available up to 75% LTV. New build flats, defined as less than 12 months old, are available at 85% LTV for residential and 70% LTV for BTL.

“Mansfield Building Society is already well-known for our wide-ranging criteria that supports unconventional circumstances, whether it’s income, credit history, capital raising, debt consolidation and more,” said Tom Denman-Molloy (pictured), intermediary sales manager at Mansfield Building Society.

“Increasing the number of storeys for flats extends our appeal, particularly in cities, where high-rise blocks are an essential part of the property mix. We’re looking forward to offering our flexible lending approach to even more borrowers.”

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